Martin Marietta closes Texas Industries acquisition

Martin Marietta Materials has completed its acquisition of Texas Industries, creating a US$ 2.3 billion per year aggregates and heavy building materials company in the US. The combined company has a market capitalisation of some US$ 8.8 billion.

Ward Nye, Martin Marietta's Chairman, President and Chief Executive Officer, said, " In particular, Martin Marietta will benefit from greater exposure to the expanding cement markets in Texas and California - two of the largest and fastest growing markets for construction materials in the United States."

As a condition of the acquisition, Martin Marietta is required by the US Department of Justice to will divest its North Troy aggregate quarry in Mill Creek, Oklahoma and its two rail yards located in Dallas and Frisco, Texas.

Following the completion of the deal, Texas Industries has been delisted from the New York Stock Exchange.